Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Vale SA has selected veteran mining executive Shaun Usmar to take the helm of its base metals division as the Brazilian metals producer seeks to boost copper and nickel production, according to people familiar with the matter.
The board of the Rio de Janeiro-based company chose Usmar to head Vale Base Metals, said the people, who asked not to be identified because the information isn’t public. The appointment has yet to be confirmed and it’s possible things could change, one of the people said.
Usmar has more than 30 years of industry experience, with his latest role as founder and chief executive officer at Triple Flag Precious Metals Corp., a Toronto-based streaming company. He previously worked at Barrick Gold Corp., where he was chief financial officer between 2014 to 2016, and held earlier roles at Xstrata Plc and BHP Billiton, according to his biography on Triple Flag’s website.
At Vale Base Metals, he would oversee an operation with assets in Canada, Brazil and Indonesia. Vale separated the nickel-and-copper division from its iron ore operations last year and sold a 10% stake to Saudi Arabia as part of a plan to unlock value from the unit.
Vale Base Metals has been without a CEO since March, when Deshnee Naidoo stepped down. Since then, the division has been led by former Anglo American boss Mark Cutifani, who was recruited last year as chairman of the unit. Cutifani unveiled a plan last month that includes billions of dollars in initiatives to boost productivity and reduce costs in nickel and copper mines and processing plants in Brazil and Canada.
In a statement by Vale issued on Wednesday, the miner clarified that “the definition of Vale Base Metals CEO is ongoing” and it will inform the market in due course.
(By Mariana Durao, Thomas Biesheuvel and Dinesh Nair)
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